Funding arb · Price arb /

MAGIC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: KuCoin against Bybit0.000%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs−$383as in the Funding arb table

Net, price: spread back to 7d avg − costs−$373as in the Price arb table

costs, in and out, $10k−$3773.765% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now 0.000%, 7d avg −0.040%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: KuCoin is 0.040% dearer against Bybit than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MAGICUSDT	0.04992	0.0100	pay 0.0050% / 4h	1h 59m	$515K	$152K	25x
Short	KuCoin MAGICUSDTM	0.04992	0.0100	get 0.0050% / 4h	1h 59m	$186K	$26K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.040%: $3.96
Slippage, 4 orders: −$353.53
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$372.58
Costs to cover: 3.765%
Break-even: never at this rate

Slippage from Bybit: live order book, 40 min ago; KuCoin: live order book, 56 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 40 min ago	1.01 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 56 min ago	9.07 bp	165.7 bp −$166	doesn't fit	doesn't fit	doesn't fit

MAGIC on 10 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin MAGIC-USDT	+0.0064%	4h	0.04995	+0.060%	$83K	$7K	50x	as long as short
Binance MAGICUSDT	+0.0100%	4h	0.04988	−0.080%	$1.6M	$1.6M	50x	as long as short
Bybit MAGICUSDTlong	+0.0100%	4h	0.04992	long leg	$515K	$152K	25x
OKX MAGIC-USDT-SWAP	+0.0100%	4h	0.04992	0.000%	$478K	$728K	20x	as long as short
MEXC MAGIC_USDT	+0.0100%	4h	0.04989	−0.060%	$197K	$116K	50x	as long as short
KuCoin MAGICUSDTMshort	+0.0100%	4h	0.04992	0.000%	$186K	$26K	25x
Variational Omni MAGIC	+0.0100%	4h	0.04996	+0.072%	$8K	$555	—	as long as short
Gate MAGIC_USDT	+0.0127%	8h	0.04999	+0.140%	$127K	$25K	50x	as long as short
BingX MAGIC-USDT	+0.0230%	4h	0.04992	0.000%	—	$2.3M	—	as long as short
Bitget MAGICUSDT	+0.0234%	4h	0.04995	+0.060%	$428K	$77K	25x	as long as short